Ratio Analysis Coursework Example | Topics and Well Written Essays - 1500 words - 1

Ratio Analysis - Coursework Example In addition, the company performance was higher in reference to industrial average figures. Whereby, the key performance indicators such as; number of visitors, basket value and gross profit margin were put forth. On the contrary, a valuation of the uses of KPIs in assessing organization performance was discussed. The advantages and limitation of using financial ratios as a technique of assessing company performance were also discussed. 1. Comparison of Latest year results with previous year results; Below are the financial statements of ASOS Company for the last year two fiscal years that ended on 31st August 2012 and 31st August 2012. Therefore, based on the consolidated income statement it can be scrutinized that the revenues for 2013 were substantially higher as compared to those of 2012.In addition, the profits before and after tax was higher in 2013 than in 2012. On the other hands, the comprehensive income statement indicates that the total assets and total equity for the fina ncial year 2013 was higher than in 2012. For example, the total equity in 2013 was $159,799,000 while in 2013 it stood at $105,987,000 a difference of $53,812,000. In above connection, the consolidated statement of cash flow indicates that, the net income generated from operating activities was higher in 2013 as compared to 2012.In addition, the net income obtained from financing activities was also higher in 2013 than in 2012. This indicates that the financial performance of ASOS was higher in 2012 than in 2013(ASOS Plc, 2013). ASOS CONSOLIDATED STATEMENT OF TOTAL COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2013 Year to 5 months to 31 August 2013 31 August 2012 Note ?’000 ?’000 Revenue 2 769,396 238,023 Cost of sales (370,816) (117,892) Gross profit 398,580 120,131 Distribution expenses (115,172) (35,906) Administrative expenses (228,953) (70,883) Operating profit 3 54,455 13,342 Finance income 5 283 – Finance expense 6 (68) (97) Profit before tax 54,670 13,245 Income tax expense 7 (13,744) (3,341) Profit for the period 40,926 9,904 Net exchange adjustments offset in reserves (45) – Fair value gains on derivative financial assets 225 Other comprehensive income for the period 180 – Total comprehensive income for the period 41,106 9,904 Profit for the period attributable to: Owners of the Parent 40,928 9,904 Non-controlling interest 19 (2) – 40,926 9,904 Total comprehensive income for the period attributable to: Owners of the Parent 41,108 9,904 Non-controlling interest 19 (2) – 41,106 9,904 Earnings per share Basic 8 50.1p 12.5p Diluted 8 49.2p 11.9p Source :(ASOS Plc, 2013). ASOS CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2013 31 August 2013 31 August 2012 Note ?’000 ?’000 Non-current assets Goodwill 9 1,060 1,060 Other intangible assets 10 38,626 22,176 Property, plant and equipment 11 30,031 27,293 Deferred tax asset 14 8,902 8,111 78,619 58,640 Current assets Inventories 143,348 100,263 Trade and other receivables 15 18,420 19,066 Derivative financial assets 21 225 – Current tax asset – 425Cash and cash equivalents 20 71,139 27,884 233,132 147,638 Current liabilities Trade and other payables 16 (149,511) (100,291) Current tax liability (2,441) – (151,952) (100,291) Net current assets 81,180 47,347 Net assets 159,799 105,987 Equity attributable to owners of the Parent Called up share capital 18 2,890 2,854 Share premium 6,368 6,105 Employee Benefit Trust reserve

The Battle of Nanshan Research Paper Example | Topics and Well Written Essays - 1000 words

The Battle of Nanshan - Research Paper Example The two imperial nations engaged in fierce diplomatic attempts over matters concerning Manchuria and Korea, both aiming to grab hold of those territories to expand their kingdoms. Widespread expectation in the Western hemisphere was that Russia would wipe out the military forces of Japan with her large defense forces (Steinberg et al. 2005), but most Japanese government officials were convinced that their highly trained and specialized armed forces will give them military advantage over Russia. The overconfidence and conceit of Nicholas II, the Russian Tsar, hampered concessions between the two superpowers; Japan attacked, then Russia, immediately after, received a Declaration of War (Steinberg et al. 2005). Nonetheless, after the battle at Tsushima, Russia was forced to surrender. It surrendered Manchuria, Port Arthur, and any efforts to occupy Korea, and had damaged irreparably the repute of several admirals and generals (Steinberg et al. 2005). The unfavorable outcomes for Russia are not possible to overstate, with the defeat of trained and veteran admirals and generals, the complete annihilation of the Pacific and Baltic fleets (Warner 2004), the defeat of the defense forces against a perceived lesser opponent. Although the Battle of Nanshan was a remarkable triumph for the Japanese Empire, it enabled for Japan the contagion of the most deceitful of all maladies: triumph malady. Overly assured in the methods and strategies used and taking for granted most of the lessons to be gained from the attacks, Japan went on being overconfident with its impregnability, assured that the willpower of its armed forces were sufficient to seize what the Empire wanted (Warner 2004). This essay will discuss the battle strategies and tactics of Russia and Japan at the Battle of Nanshan, as well as the political climate at the time, the military leaders, and the final outcome of the battle. II. Russian and Japanese Battle Strategies at the Battle of Nanshan To start with, the general power and strength of the Russian naval forces was more superior to those of Japan, but the flotilla of the latter was in home waters, whereas the Russian fleet was separated between the Pacific and Europe. Evidently, the Russian military manpower surpassed that of Japan, but the former was battling thousands of miles from home and the opponent was fighting within hundred miles from home (Steinberg et al. 2005). The Japanese were highly trained in Western military tactics and strategies, and were painfully disciplined and capably supervised. The Russians were undisciplined, incompetent, and were hindered by ill-equipped officers and obsolete military strategies (Steinberg et al. 2005). The resources of Japan were far more inadequate than those of Russia and the former had to achieve an immediate victory before the entire force and power of Russia emerged. Thus, Japan embraced the enormous risk of initiating armed forces movements at once, before the flotilla of Russian at Po rt Arthur had been obliterated (Warner 2004). The strategy of Russia was to postpone and deter final response until it had mustered its strength. Basically, the Battle of Nanshan was fought between a developing Asian superpower and a European imperialist. After the triumph of the Japanese at the Yalu River, General Yasukata Oku’s Second Army arrived at the Liaotung cape, quite near to Port Arthur (Steinberg et al. 2005). The Second Army was composed of roughly 39,000 combatants. Arrival was finalized by May 1904

Five Perspective on Personality: Comparison and Analysis

Five Perspective on Personality: Comparison and Analysis Compare and Contrast the Five Perspective on Personality Indicating  the Strengths and Weakness of Each Approach Tiara A. We know what we are but not what we may be. Ophelia in Hamlet According to Guralnik (1987), personality is defined as the quality or fact of being a person or a particular person. Guralnik also defines personality as distinctive individual qualities of a person, considered collectively. Personality is an account that is hard to put one explanation. Individuals each have their own definition. Instead of agreeing on one specific definition, psychologist are involved in an ongoing and perhaps never ending discussion of how to depict human personality and what topics belong within this sub field of psychology (Mayer, 2005; McAdams Pals, 2006). Five separate theories emerge from the different perspectives of notable psychologist. Each approach seem to correctly determine and examine an important feature of human personality. Biological theorists believes that personality is genetic. Behaviorists go with the idea that personality is a straightforward result of the influence of the individual’s environment. Third, the psychodynamic theory jour neys into the unconscious mind and childhood to describe personality. Humanist use free will as their statement of personality. Finally, the trait theory proposes that the development of personality is derived from many different traits. Psychologists have projected various theories of personality to attempt explaining similarities and provide reasons for differences in personalities. The following approaches psychodynamic, biological, humanistic, behavioristic and trait theories of personality will be outlined in this essay, highlighting both the strengths and weaknesses for each theory. Sigmund Freud was the primary proponent of psychodynamic theory but neo-Freudians such as Jung, Adler, Erikson and Horney are also major contributors. Freud believed that every personality has an unconscious element and that childhood experiences, even if not consciously recollected, continue to influence peoples behaviors. The theory states that a personality has three parts – the id, the ego, and the superego which serve to regulate instinctual energies and forms our personalities. The dynamic unconscious is populated by anxiety-provoking drives ideas which have been exiled from conscious awareness by psychological defense mechanisms such as repression. Defense mechanisms are the domain of the Ego, the part of personality preoccupied with mediating between external reality and the internal reality. They function to prevent the experience of intense conscious anxiety caused by a conflict between base drives and the moral aspect of the psyche, the Superego. Freud suggested that personality is formed during the first six years of life known as the Psychosexual stages of Development. The maturing child supposedly experiences a number of discrete and biologically-motivated psychosexual phases, during which their essential sexual energies (the libido) become endowed in particular areas of the body. So, the Id controlled oral stage, where sensual pleasure is derived via the mouth, gives way to the anal stage and the birth of the Ego. This is followed by the phallic st age, during which the Oedipus complex (children aspire to be the partner of the opposite-sex parent) occurs. Resolution of this complex results in shaping of the superego. Unlike some other theories, the psychodynamic approach is a downright theory and can explain behaviour without difficulty. One strength of the psychodynamic approach is that they centered on the effects that childhood experiences have on the developing personality. This is a strength because Freud was the first psychologist to realize the importance of childhood. It also led to other psychologists including Piaget developing theories on childhood. An instance of this is the Little Hans case study. Hans had a fear of castration which led to him having a phobia of horses. One weakness of the psychodynamic approach is that it is unfalsifiable. This is a weakness because the suppositions can not be scientifically measured or proved wrong. An example of this is the idea of the mind being split into three parts. It is a lso deterministic because it suggests that behaviour is pre-determined and people do not have free will. An example of this is the psychosexual stages. Freud also placed an over-emphasis on sexual drive and provides us with an extremely pessimistic outlook on personality as it discounts the notion of free will. Hans Eysenck was an early proponent of the biological approach to personality. He reasoned that personality can be divided along three primary dimensions. He called these extraversion-introversion, neuroticism, and psychoticism. Eysenck debated that differences in personality are largely based in inherited biological differences. One strength of the biological conceptualization is that it is very scientific. This is a strength because the experiments used are measurable, objective and can be repeated to test for reliability. Also, the researcher has more control over the variables which is apparent in Selyes study of rats which led to him developing the theory of General Adaptation Syndrome. It is also deterministic. This is a strength because it increases the likelihood of being able to treat people with abnormal behaviour and provides statements about the causes of behaviour. This apprehension can then be used to improve peoples lives. One weakness of the biological approach is tha t it focuses too much on the nature side of the nature/nurture argument. They debates that behaviour is caused by hormones, neurotransmitters and genetics. One theory is that schizophrenia is genetic, however, twin studies show that it is not entirely genetic and the environment has a component to play. It is also nomothetic. This is a weakness because it creates theories about disorders and generalizes them to utilize to everyone. It does not take into account the view that humans are unique. An example of this is that General Adaptation Syndrome presumes that everyone responds in the same way to stress but does not take into account that some people have more support than others. The humanistic movement was led by Abraham Maslow and Carl Rogers and concentrates primarily on an individual’s potential in terms of development and satisfaction. Humanists have an optimistic view on human nature. They focus on the ability of human beings to think consciously and rationally and to attain their full potential. In the humanistic view, people are accountable for their own lives and actions, they also have the freedom and will to change their attitudes and behaviour. Maslow believed a human has a hierarchy of needs to fulfill before becoming a self-actualized individual. After the basic needs such as food and shelter are met, humans seek safety and security and then seek love and acceptance. Only after all these things are through with can a person fulfill their potential or achieve â€Å"self-actualisation†. Rogers agreed with most of what Maslow believed in terms of striving towards self-actualisation but through the self-concept or one’s opinion of oneself. Roger’s approach is called person-centered. He believed that for a person to grow, they need an environment that provides them with genuineness (openness and self-disclosure), unconditional positive regard (acceptance, respect, love), and empathy (being listened to and understood). Wit hout these, relationships and healthy personalities will not evolve as they should. Another basic premise to Roger’s theory is the self or self concept, i.e. what one thinks of oneself is the self-concept and how others see one is the actual self. The humanistic approach is enormously popular from a phenomenological view point: it is about a person living their life with meaning and authenticity. It also has the potential to enrich people’s lives by understanding and appreciating their own self. Like every theory, some people find the humanistic approach to be valid while others see it for the numerous inherent flaws. The humanistic perspective does recognize human experience, but largely at the expense of being non-scientific in its methods and ability to provide evidence. Some of the strengths of this theory include the focus on both the positive nature of humankind and the free will associated with change. Unlike Freuds theory and the biological approach, which focus on determinism or our lack of power over ourselves, Maslow and others see the individual as very powerful. With the good, always comes the bad, and this theory is no different. The biggest criticism of humanistic thought appears to center around its lack of concrete treatment approaches aimed at specific issues. With the basic concept behind the theory being free will, it is difficult to both develop a treatment technique and study the effectiveness of this technique. Critics also contend that the humanistic approach’s emphasis on self-fulfillment may lead some people to become self-indulgent and so absorbed with themselves that they develop a lack of concern for others. Even the concept of self-actualization poses challenges. Behaviorism was introduced by John B. Watson in the 1920s. It limits psychology to the study of observable behaviors. To explain the development and maintenance of behaviors, behaviorist used classical conditioning and operant conditioning. Personality is described as the end result of ones history of conditioning. One strength of the behaviourist approach is that it has successfully applied classical and operant conditioning to its theories. Systematic desensitization is based on classical conditioning and is useful for treating phobias. Another strength is that it uses scientific methods of research. This is a strength because the experiments are objective, measurable and observable. An example of this is Banduras bobo doll study of aggression. One weakness of the behaviourist approach is that it focuses too much on the nurture side of the nature/nurture debate. It suggests that all behaviour is learned but cognitive and biological elements have been proved to affect behaviour. An example of this is the assumption that people learn behaviour by observing others getting rewarded for certain actions. Another weakness is the ethical issues raised by using animals in experiments. This is because animals can not consent to take part and are unable to withdraw. An example of a behaviourist animal study is Pavlovs dogs which led to classical conditioning principles being developed. The trait theory approach is one of the largest areas within personality psychology. According to this theory, personality is made up of a number of broad traits. A trait is basically a relatively stable characteristic that causes an individual to behave in certain ways. Some of the best known trait theories include Eysencks three-dimension theory and the five factor theory of personality. The trait perspective or 5 Factor theory of personality consists of broad, enduring dispositions that can be assessed. With respect to trait assessment, it is possible that people can fake desirable responses on self-report measures of personality. Research does show however that averaging behavior across several situations seems to indicate that people do have distinct personality traits. Genetic studies have supported the claim that genetic predispositions influence most personality types and that many traits are biologically rooted. The empirical nature of the work by Allport, Murray and other early trait psychologists sets them apart from the founders of most personality theories. Rather than relying on intuition and subjective judgment as did Freud and many of the neo-Freudians, these trait theorists used objective measures to examine their constructs. Cattell specifically allowed the data to determine the theory which was then subject to further empirical validation. This approach reduces some of the biases and subjectivity that plague other approaches. Like any other important theoretical perspective, the trait approach has generated a large amount of research. Weakness of this approach concerns the lack of an agreed-upon framework. Although all trait theorists use empirical methods and are concerned with the identification of traits, no single theory or underly ing structure ties all of the theories together. We can see the confusion this created by asking how many basic traits there are. Murray reduced personality to 27 psychogenic needs. Cattell found 16 basic elements of personality. Without an agreed-upon framework, it is difficult to gain a cohesive overview of the approach or to see how research on one aspect of personality traits fits with research in other areas. REFERENCE McLeod, S. A. (2007). Psychology Perspectives Burger, J.M. (2011) Introduction to Personality Ryckman, R.M. (2000). Theories of personality. Wadsworth: Belmont, CA. Carver, C.S., Scheier, M.F. (2000). Perspectives on personality (4th ed.) Boston, MA: Allyn and Bacon.

Comparing Of Mice and Men and John Steinbecks Life Essay -- compariso

   John Steinbeck's agricultural upbringing in the California area vibrantly shines through in the settings and story lines of the majority of his works. Steinbeck's novel, Of Mice and Men, takes place in the Salinas Valley of California. The drama is centered around two itinerant farm workers, George Milton and Lennie Small, with a dream of someday owning a place of their own. Lennie Small is a simple-minded, slow moving, shapeless hulk with pale eyes whose enormous physical strength often causes him to get into trouble. George Milton on the other hand is small in stature, clever, dark of face and eyes, and acts as Lennie's guardian and calming force. Early in the story the prospect of their ever realizing their dream seems remote, but as the plot unfolds (they meet a crippled bunkhouse worker who wants to go in with them on the scheme, and who offers offer to chip in his life savings), the probability of fulfillment rises. If the three pool their salaries at the end of the current month, they can quit and move into their farm. Lennie manages to avoid disaster for exactly three days. He gets involved with the flirtatious wife of Curley, the boss' violent son. Through a series of unfortunate events, he becomes frightened and inadvertently kills the girl. Curley organizes a group to apprehend Lennie. George gets to Lennie first and out of sympathy for his companion, shoots him in the head to spare him the pain of Curley's shotgun or the misery of incarceration. Lennie's killing of mice and later his killing of the puppy sets up a pattern that the reader expects to be followed. George's story about Lennie and the little girl with the red dress, which he tells twice, adds to this expectancy, as do the shooting of Candy's d... ...ypical Steinbeck novel in terms of simplicity, story line, and setting. Steinbeck transplants the knowledge he gained and the images he conceived of California in his writings. Works Cited and Consulted: Bloom, Harold. John Steinbeck. Pennsylvania: Chelsea House Publishers, 1999. Davis, Robert Murray. Steinbeck: A Collection of Critical Essays. New Jersey: Prentice-Hall, 1972. Fontenrose, Joseph. John Steinbeck: An Introduction and Interpretation. New York: Barnes & Noble, 1964. French, Warren. John Steinbeck's Fiction Revisited. New York: Twayne Publishers, 1994. Lisca, Peter. The Wide World of John Steinbeck. New Jersey: Rutgers University Press, 1958. Steinbeck, John. Of Mice and Men. New York: Penguin Books USA Incorporated, 1978. Tedlock, E.W. Steinbeck and His Critics. Albuquerque: The University of New Mexico Press, 1957.    Comparing Of Mice and Men and John Steinbeck's Life Essay -- compariso    John Steinbeck's agricultural upbringing in the California area vibrantly shines through in the settings and story lines of the majority of his works. Steinbeck's novel, Of Mice and Men, takes place in the Salinas Valley of California. The drama is centered around two itinerant farm workers, George Milton and Lennie Small, with a dream of someday owning a place of their own. Lennie Small is a simple-minded, slow moving, shapeless hulk with pale eyes whose enormous physical strength often causes him to get into trouble. George Milton on the other hand is small in stature, clever, dark of face and eyes, and acts as Lennie's guardian and calming force. Early in the story the prospect of their ever realizing their dream seems remote, but as the plot unfolds (they meet a crippled bunkhouse worker who wants to go in with them on the scheme, and who offers offer to chip in his life savings), the probability of fulfillment rises. If the three pool their salaries at the end of the current month, they can quit and move into their farm. Lennie manages to avoid disaster for exactly three days. He gets involved with the flirtatious wife of Curley, the boss' violent son. Through a series of unfortunate events, he becomes frightened and inadvertently kills the girl. Curley organizes a group to apprehend Lennie. George gets to Lennie first and out of sympathy for his companion, shoots him in the head to spare him the pain of Curley's shotgun or the misery of incarceration. Lennie's killing of mice and later his killing of the puppy sets up a pattern that the reader expects to be followed. George's story about Lennie and the little girl with the red dress, which he tells twice, adds to this expectancy, as do the shooting of Candy's d... ...ypical Steinbeck novel in terms of simplicity, story line, and setting. Steinbeck transplants the knowledge he gained and the images he conceived of California in his writings. Works Cited and Consulted: Bloom, Harold. John Steinbeck. Pennsylvania: Chelsea House Publishers, 1999. Davis, Robert Murray. Steinbeck: A Collection of Critical Essays. New Jersey: Prentice-Hall, 1972. Fontenrose, Joseph. John Steinbeck: An Introduction and Interpretation. New York: Barnes & Noble, 1964. French, Warren. John Steinbeck's Fiction Revisited. New York: Twayne Publishers, 1994. Lisca, Peter. The Wide World of John Steinbeck. New Jersey: Rutgers University Press, 1958. Steinbeck, John. Of Mice and Men. New York: Penguin Books USA Incorporated, 1978. Tedlock, E.W. Steinbeck and His Critics. Albuquerque: The University of New Mexico Press, 1957.   

Alternative education Essay

E-learning is an excellent option in education, particularly when there are hindrances to traditional learning situations. For example, some people wish to continue their educations but do not live within driving distance of a college or university and don’t find it feasible to relocate. E-learning is a viable alternative for these students. Another hindrance to traditional learning, especially in grades K through 12, is the â€Å"one size fits all† mentality it embraces. Many students just do not learn well in a traditional learning environment, but thrive in a more flexible setting. To address this issue, parents are turning to e-learning opportunities for their children. Some choose full-time enrollment in a virtual school, while others use e-learning to supplement a home school curriculum. In the business world, e-learning provides a way for companies to train and instruct employees without requiring them to travel to a central location. Convenience is one of the major advantages of e-learning. It allows students to work and learn at their own pace without the unyielding time restrictions of traditional learning. Because e-learning provides access to learning materials at any time, students have the flexibility to schedule around families, jobs and other activities. Another major benefit of e-learning is the accessibility it provides. Students can learn from anywhere in the world. This is an especially important consideration for students who wish to study in a different country. In addition, because e-learning can be done from home, students have less clothing and driving expenses than with traditional learning. A major disadvantage to e-learning is the self-discipline it requires. While being able to work at your own pace can be an advantage, it can also be a disadvantage. This is especially true for students who have difficulty with time management and procrastination. These students tend to be more successful with the structure of traditional learning. Another disadvantage to e-learning is the technology involved. Some people do not have ready access to a computer and Internet connection. And some who do have the required equipment feel ill-equipped to use it. Lack of interaction between teacher and student is another drawback to e-learning. Some students need the immediate feedback that interaction provides. E-learning greatly increases the availability of educational opportunities. Unfortunately, it also increases the number of scams related to online education. Persons considering e-learning possibilities should be alert to such scams and thoroughly investigate any program before making a commitment.

Organisation Communication-Ethics Essay

Dilemma 1 As the newly appointed personnel director my option would be to follow the company’s procedure of screening the applicants and forwarding the top three to the management for interviews. However before forwarding the top three to the management, I would first confront the president on his discriminatory attitude. This would be necessary since if the applicants just go for interviews with the management, the president’s attitude may lead to all three of them not being selected. Then it will look like the selection process was unsatisfactory. In addition, it is important for the president to be aware of the fact that the three potential employees are all female so that he is not caught unaware. The information that all three applicants are female would be conveyed to him in the confrontational meeting. Confronting him will give an opportunity for bringing out the unethical nature of the president’s attitude. During the confrontation meeting I will attempt to explain to the president that the applicants ought to be selected using the principles of merit, fairness and equality. I will also point out that the management could end up selecting a female applicant even though there was a male applicant since the chances of having three male applicants would be small. In addition confrontation would also help to avoid possible liability for using sex as a determinant in the selection process. This is a contravention of the Civil Rights Act and it is better to prevent it rather than have the company lose large amounts of cash in a court case should the company be sued by any of the three female applicants (Shockley-Zalabak, 2005). Another advantage that confronting the president has is that the president will be aware that decisions will not be made according to his whims and desires especially when they are unethical. This would contribute hopefully to some amount of professional respect where the president sees that I have the interests of the organization and the employees as well at heart. It would also mean that the president would not expect to push me around as far as personnel issues were concerned and rather would leave me to discharge my duties independently while asking for help where necessary. The meeting with the president would remain private and the issue would only be discussed with other members of management if the president refused to change his stance on the issue. Then it would mean that such discriminatory practice would be perpetuated and failure to include other members of management would result in unequal employment opportunities for the employees. In such a situation the appropriate thing to do is to confront the president about his discriminatory posture. This can help to bring about a stop to such discriminatory behavior and also to avoid the legal implications of such discriminatory attitudes when employing. The company could suffer great losses by paying out damages and these could have been avoided. In addition, a company’s policy should be such that they avoid practices that are discriminatory in nature and the company should work towards ensuring that all people regardless of gender are treated equally. This involves availing opportunities equally to all employees regardless of gender, ethnicity, religion or race (Caux Round Table, 2006). Confrontation with the president however requires tact and it is best to start with how the company is likely to suffer from discriminatory practices, beginning with the legal implications and their effect on the profitability of the company. Then other factors such as the negative publicity the company would receive from such a court case where discrimination along gender lines has been exposed as a factor in employment and also citing the goodwill of the employees as an issue that would be affected. This is because most employees may side with their colleagues who have been discriminated against or feel like they are the next in line to suffer from a discriminatory practice. Due to the sensitive nature of the meeting it would best be had in privacy with the president. After the president has changed his mind then the selection process can continue as outlined by company policy. Dilemma 2 In the situation above as the personnel liaison I would press the crew member for more information on who was involved or places where the drug use occurred.  I would impress on her the need to give more specific information so that I can act as soon as possible and so as to give me a head start in performing my own investigation. This would be done by explaining to her the danger that the involved crew members and personnel liaison people were putting on her and other members of the crew. This is because by being involved in drug use they compromised their mental alertness when operating machinery which could result in injury to others and also in losses for the company. While attempting to get as much information as possible from the crew member I would also be conducting my own investigations. This would be done discreetly and would involve trips to the production line to unearth evidence of drug use. It would also involve interviews with every crew member to try and find out those who are involved in the drug use. Other personnel liaisons would not be involved in the investigations to prevent those who are involved from pre-empting the investigation process. During the interviews the employees would be made aware of the consequences of drug use with police involvement being the major factor especially if the drugs are found to be illegal drugs. This would most likely cause some of the crew members to crack under the pressure and giving up the necessary information to deal with the drug problems at the plant. If this fails to generate adequate information the crew members and all personnel liaison would be informed of the need for testing due to safety issues and firing or suspension of those found to be using drugs at the plant. In a situation of drug use at manufacturing plant, the person in charge in this case the liaison officer has a role of conducting investigations to find out what truth there is in the crew members allegations and expose all those involved in drug use (Shockley-Zalaback, 2007). Drug use is a criminal offence depending on the drug being used and it has the effect of compromising the quality of work of the users and thus lowering the efficiency of the company. Aside from the negative effect on the profitability of the company, it is also unethical practice to ignore the report of the crew member as it would be akin to condoning drug use in the company. In dealing with the issue it is best to first ensure that there is a handbook that all the employees are aware of and have access to regarding use of drugs at the workplace (People Management, 2007). This means that the employees cannot claim ignorance of company policy regarding drug use at the work place. Holding meetings to draw attention to the problem of drug use is also another means of communicating and citing the disciplinary issues that are associated with drug use. In addition having an intranet that has information on drug use and use of posters, newsletters to communicate company policy in drug misuse at work. In managing the situation it is also necessary that emphasis be on support that the company will offer those with drug dependence problems rather than on disciplinary issues. While this cannot be ignored, it discourages most people from admitting that they have a problem. Also it means that the company may not be meeting its legal obligations in managing those people who have drug use problems. What I would have done is slightly different from what should be done. My approach is more focussed on disciplinary measures rather than supportive measures. As a result it may not be very effective at flushing out all the drug users and some may persist with their problem until it causes danger or injury to others. The approach I took was more disciplinary because it was aimed at reaching those who merely use drugs at the plant irresponsibly. It did not give consideration to those who may have serious problems of managing their drug use, but if identified these would be referred to a rehabilitation center and would retain their jobs as long as they complied with treatment.

Production and Sale of Cigarettes Should Be Made Illegal

Production and Sale of Cigarettes Should Be Made Illegal Criminalize Cigarette Smoking Now! It used to be that everyone smoked. Seriously, 50 years ago, Americans (and those in many other countries around the world) smoked cigarettes like the world was ending. It was what people did; instead of killing time by playing on their iPhones, people used to light up. Rarely, then, would you see a group of people at a table without a cloud of smoke hovering over the table. Well, things have changed quite a bit in the last half-century; the use of cigarettes is less ubiquitous. Things have changed for the better, the healthier, that’s for sure. Today, one could argue that the production and sale of cigarettes should be made illegal, and with good reason. One reason to criminalize the production, sale and consumption of cigarettes is due to the fact that smoking tobacco has no medical value whatsoever. Research and science says its use is a major cause of cancer and other problems, such as heart disease, diabetes, emphysema, chronic bronchitis and others. Some people, on the contrary, smoke their entire lives without so much as a bad cough – but they are in the minority. Moderate alcohol consumption, rather, has been shown to thin blood, lower the heart rate and relax people. Tobacco does the complete opposite. The consumption and production and sale of tobacco should be made illegal because it’s quite unhealthy – more than that, it’s kills millions of people around the world each year. Secondly, tobacco is very addictive. Its main chemical is nicotine, a toxic colorless or yellowish, oily liquid, the chief active constituent of tobacco. It acts as a stimulant in small doses, but in larger amounts, it blocks the action of autonomic nerve and skeletal muscle cells. It’s so addictive that seasoned smokers can’t often go but just a few hours without a smoke and withdrawal symptoms are quite intense, though not as harsh as alcohol and opiates. If something is so addictive that people can’t go long without it and so addictive that people struggle for a lifetime trying to quit, then something so detrimental to one’s health should be made illegal, and not just illegal in a small sense: Repercussion for its use, possession, production and sale should result in dire penalties like extreme fines, jail time and criminal proceedings. Lastly, cigarette smokers often begin smoking in their adolescent years, when they’re caving in to peer pressure and a desire for popularity. They see the â€Å"cool kids† doing it, actors in films and TV shows smoking cigarettes – and they see people in everyday life doing it, too, mostly at public places, like benches, parks, outside of restaurants – all over their community. And so they think it is okay, like having a few drinks like adults do. But moderate alcohol consumption in adults has not been proven to affect one’s health negatively. Nonetheless, teens are impressionable and can’t make the best decisions on their own; that’s why they can’t vote or own a gun. They would be just too immature to consider their future and its negative consequences. Teens just don’t think about these things. Well, if the production and sale of cigarettes were to be made illegal, fewer teens would be seeking cigarettes, and less peopl e would begin smoking this addictive, unhealthy substance in the first place. They would not see it, so they would not want it. It’s something we don’t need, and this notion pertains especially to adolescents, who aren’t ready to think about their long-term health, their futures as grandparents, fathers and spouses. To conclude this argument, that the production and sale (and maybe even its possession and usage) of cigarettes be made illegal, it’s important to consider the facts: Tobacco is very unhealthy – it kills people; nicotine is heavily addictive, and young people want to do it. So, of course, fewer people are smoking today. But we’re forgetting one very important fact about smoking: how disgusting it is. Have you ever smoked? It’s pretty gross. The smoke smells like last night’s dinner burning to a black crisp on the kitchen stove, mixed with a long-decomposing corpse. On top of that, it turns your teeth, tongue and smoking fingertips the nasty, yellowish color of the nicotine. Even worse – a smoker’s clothes and hair always have the foul odor of stale cigarettes. These are just a few more reasons explaining why the production and sale of cigarettes should be made illegal in America.

Computer Material View essays

Computer Material View essays Impact of Computer - A Material View Computers are probably the best characterization for modern life. For the past twenty years, its popularity has grown tremendously. To meet the demands of competition and technology, the computer industries rapidly develop newer and faster machines to make the old ones obsolete. According to study, a new computers life is only about eighteen months. With the society more focused on environmental protection, it becomes more important to discuss the material impact of computers. Computers typically have heavy metal content like steel, aluminum, lead, etc [2]. For example, computer monitor is mostly comprised of leaded glass and plastic, and the chip on circuit board is made of copper. With the growing production of computers, it becomes more important to think about the effect it has on natural resource. According to a comprehensive resource flow study titled Resource Flow: The Material Basis of Industrial Economies, we use approximately 100,000 pounds to 187,000 pounds of natural resources per person per year. Researchers believe that roughly 14 million to 20 million computers are retired each year in this country, and of those, nearly 75 percent are simply stockpiled somewhere. Only 10 percent to 15 percent are re-used or recycled, and the rest 15 percent end up in landfills. With heavy metal content, computers are considered hazardous waste. So proper disposal methods are necessary to meet the government standards. In this regard, regulations such as the Resource Conservation and Recovery Act (RCRA) need to be examined for incentives and disincentives to the more cost effective use of materials. But with so many old computers being retired each year, what are more sensible ways to deal with those old computers sitting in the attic? The best way is to get them re-used. We can trade-in old machines to companies like Compaq and IBM, which have asset recovery department. In the...

7 Questions to Expect in an Exit Interview

7 Questions to Expect in an Exit Interview About to leave your job? You might be asked (or required) to do an exit interview. This can be frustrating or intimidating. After all, you’ve got your outgoing checklist all but complete, and you already have one foot in your next opportunity. You think the hard part is behind you, and now there is one more task standing between you and the door! Don’t panic. Instead, think of your exit interview as a valuable opportunity for both you and your employer to learn something and grow. All you need to do is be prepared to give thoughtful, diplomatic answers to a few typical questions. Remember, you’ll be less stressed and the whole experience will be more productive if you are prepared. Think of this as an opportunity to let HR know exactly how the company is succeeding and failing. The information you provide can really make a difference for the coworkers and new hires you will leave behind.Here are a few questions to expect.1. Why are you leaving your current positi on?This question could also take the form: â€Å"Why did you begin looking for another job?† or â€Å"What, ultimately, made you accept this other job?† Be prepared to say what was your largest motivating factor for wanting to leave, specifically. If it’s your awful boss, find a way to say that without trashing that person. You won’t look good if you go negative. Keep it classy and succinct.2. Do you think you were adequately prepared/equipped to do your job well?In each of these questions, it is important to be prepared to provide specific examples. These will be much more resonant and will equip HR to actually make a change in company policy for the future. Did you need some valuable training that you didn’t get, perhaps? Is there a particular program, or other set-up that you really needed in order to perform? Again, be as specific as you can.3. How would you describe the culture of our company?This can get tricky. But prepare a tactful, honest answer, and you can get through it. The more prepared you are to answer, the less you’ll be caught off guard into saying something rash.4. Can you describe your relationship with your manager?This doesn’t mean: â€Å"Did you like your boss or not?† This means, how did your working styles overlap- did they clash or complement each other? Were you given the support and challenge you felt you deserved? Were you set up to succeed?5. What did you like/dislike most about your position here?No one knows better than you. Try not to pick petty things like cool office perks (or lack thereof). Think about how you can help make this company better when you leave.6. What should we require of your replacement?For example,  what skills, experience, and qualifications should they be looking for to replace you? What expertise or training do you wish you’d had? What do you have and know that would be hardest to replicate in a new employee? What magic synthesis of skills (i.e. multitasking and computer programming languages, or people skills and Excel) made you the perfect hire?7. What could we have done to keep you?This question is the most blunt and inviting of a frank response. Sometimes you’ll get the more generic: â€Å"What is the one thing about this company that you would change?† But if you get the candid question, you should feel free to give the honest answer. What would you have needed in order to stay? More money? More responsibility? An extra team member? Benefits packages? More growth opportunities? You can do a lot of good for the next employee- not to mention your current team- if you give a thoughtful answer to this question. Then skip your way out the door and off into the sunset!

Filtration Term Paper Example | Topics and Well Written Essays - 4250 words

Filtration - Term Paper Example There are several methods through which the filtrate induced may flow through the filter medium. This may be by gravity (hydrostatic head), pressure being applied upstream of the filter medium, reduced pressure or vacuum being applied downstream the filter medium or through centrifugal sedimentation. (b) Filtration mechanism This may be through cake or clarifying filtration. Cake filtration is when the solid gets stopped at the surface of the filter medium where it piles upon one another to form a cake. Also known as depth or filter medium filtration, clarifying filtration is when the solids get trapped within the pores of the filter medium. (c) By objective The objective of the filtration process may be either dry solids or clarified liquid or both. The filtration process may be either intermittent or continuous. When classifying filters, they are first divided into either cake or clarifying filters. They are then classified depending on the driving force and then finally into eithe r batch or continuous classes. Continuous filtration testing and scale up In continuous filtration, it is first assumed that the resistance of both the filter cloth and the filter drainage is insignificant as compared to the resistance of the filter cake. It is also assumed that both specific cake resistance and pressure drop remain constant throughout the filtration process. ... Cake discharge A practical filter application is one which produces a cake that is thick enough to discharge. There are minimum acceptable cake thicknesses that are required for discharge for various types of filtration systems and discharge mechanisms. Therefore, when running small scale tests, the experimenter should decide early during the test program the applicable type of discharge then later tailor the data collected in a way that it will fit the physical requirements of that unit type. Feed slurry temperature An increase in the feed slurry temperature decreases the viscosity of the liquid phase. The overall result of this is an increase in the filtration rate and a decrease in the cake moisture content. Cake thickness control At times, the rate of cake formation with bottom feed type filters may be rapid enough in such a way that it creates a cake that is too thick for subsequent operations. The cake thickness can be adjusted by simply adjusting the bridge blocks found in the filter valve so as to decrease the effective submergence, through reduction of the slurry level in the vat, and also by reducing the vacuum level in the portion where the cake forms. Representative samples It is essential for the sample to be used as the representative of the slurry in full scale plants to be tested under the conditions prevailing in the process. If the slurry has a temperature that is different from the ambient temperature, subsequent heating or cooling may change the distribution of the particle size. The age of the sample may also influence the particle size significantly. If an effect is likely, the bench scale testing should be at the laboratory site or at the plant on

Portfolio Analysis Assignment Example | Topics and Well Written Essays - 3250 words

Portfolio Analysis - Assignment Example Portfolio analysis includes all efforts made by a firm towards the achievement of the best trade off between returns and risk tolerance. Portfolio analysis also involves the quantification of the financial and operational impact of a given portfolio, and it is quite vital as it helps firms to evaluate the performance of their investments and the effective timing of its returns. Each portfolio consists of sub-unit. For example, the financial sector can be made up of several banks or the Airline industry can be made up of several airline companies. The analysis of each portfolio helps an investor in making a decision when investing. Most likely, a rational investor will choose the best portfolio and screen out the ones that are not essential based on objective criteria. A good portfolio is characterized by high returns on investment (Reilly and Brown, 2011). Portfolio analysis requires subjective judgment as it is not easy to segment different industries. Description This report will analyze the performance of different portfolios that are displayed in FINVIZ to ascertain their trends at a particular time. Particularly, the analysis will be based on individual stock, the best and the worst performing portfolios. FINVIZ has several portfolios. Therefore, each industry has individual portfolios. Below is a table and a bar graph showing the performance of different portfolio listed in FINVIZ for a period of three months.... A good portfolio is characterized by high returns on investment (Reilly and Brown, 2011). Portfolio analysis requires subjective judgment as it is not easy to segment different industries. Description This report will analyze the performance of different portfolios that are displayed in FINVIZ to ascertain their trends at a particular time. Particularly, the analysis will be based on individual stock, the best and the worst performing portfolios. FINVIZ has several portfolios. Therefore, each industry has individual portfolios. Below is a table and a bar graph showing the performance of different portfolio listed in FINVIZ for a period of three months. No. Name Performance (Quarter) 1 Financial 5.87% 2 Industrial Goods 4.97% 3 Consumer Goods 4.84% 4 Services 3.62% 5 Healthcare 2.49% 6 Basic Materials 0.21% 7 Conglomerates -0.08% 8 Technology -2.95% 9 Utilities -4.06% Economic /Market analysis The contradictions that caused the 2008-2009 global recessions are not being resolved, and t here is a possibility in the near future of another recession due to: †¢There are vast amounts of household debt, which are unpaid, particularly one for home mortgages. †¢The global capitalist crisis for example, most immediate European crisis, which will reduce exports in the U.S market and destabilize its financial system. †¢Introduction of a policy by the U.S government which forced expenditure at the federal, state and local level to be cut. As a result, the Gross domestic product (GDP) went down by almost one-half percent in 2011. It might also cause more harm in the future †¢Increased rates of unemployment, growing rate of inequality, the growing power of financial capital and growth driven by

Criminal assingnment Essay Example | Topics and Well Written Essays - 2000 words

Criminal assingnment - Essay Example Under this law, the jury is given wider latitude in determining the mens rea by giving it the ability to evaluate each given circumstances. In connection with the case at bar, let us therefore apply the principles of mens rea and the underlying laws that punishes criminal offenses. The actus reus can be established here as negligent act of Alan in loading the gun and accidentally firing it at his father. To recall, the actus reus maybe be the acts R. v. Majoram [2000]1, omission (R v. Dytham [1979]2; R v. Pittwood (1902)3 or negligence (see R v Stone and Dobinson (1977)4 of the parties involved. The mens rea of the case is loading of the gun which caused the accidental shooting. According to the case of Metropolitan Police Commissioner v. Caldwell [1981]5, where the actor recognized the danger of the act but still persist to perform such act; the requirements of mens rea are satisfied. However, the fact Alan confessed later that he was hearing voices; he never really had any criminal intentions of killing his father mitigates the degree of the act. Alan as a soldier knows about guns. In fact, as a soldier, he had formal trainings when it comes to guns. In the case of R v Cunningham (1957)6, the court decided that where the accused can reasonably foresee the consequences of his or her actions but did not really care whether the consequences of his or her action will actually happen or not, that person is considered guilty of recklessness. Since Alan did not have any intentions of really injuring or killing his own father, the offense will now fall within the ambit of sections 47 and 20 of the Offences Against the Persons Act. Under section 20 of the Act, a person who â€Å"unlawfully and maliciously wound or inflict any grievous bodily harm upon any other person, either with or without any weapons or instrument†¦Ã¢â‚¬  shall be guilty of battery. The use of the gun as a weapon

Acquisition Strategy Paper Term Example | Topics and Well Written Essays - 750 words

Acquisition Strategy - Term Paper Example Each strategy forms a multidimensional construct, and any decision one dimension should account for decisions made in other dimensions. The implications of each dimension should be considered in other dimensions. The entry strategy should be considered a package of strategic decisions, and the design of entry strategy should consider location, timing, entry mode, human resources, marketing, logistics and other aspects of business. Acquisitions are large projects that serve to strengthen an investor’s market position. While implementing an acquisitions strategy the following steps are followed: market position to be attained is envisaged; one or more target firms are identified that could help attain the position; ways to acquire control over the sought resources at acceptable costs are determined; and a strategy is implemented over a period of several years to readjust to changes in the environment. The acquisitions strategy has been illustrated in the figure A-1. It includes decisions based on corporate strategy and the local environment. Specific areas of decisions include location; logistics; entry mode; HRM; timing; and marketing. Ingenico, a leading provider of POS terminals, acquired Easycash for a value of â‚ ¬290 million. Easycash (2010) offers customised card-based payment and loyalty solutions for customers, which include some of the leading German retailers. Easycash expanded its services with investment from Warbug Pincus with services to more than 82,000 merchant customers. The market position was strengthened through a combination of organic growth initiatives, and acquisitions including Experian Loyalty Solutions and Siemens card payment services. Easycash’s transaction volumes increased from 670 million to more than 1 billion in 2006, with values exceeding â‚ ¬55 billion. The number of employees increased from 190 to 350. The backing of Ingenico allowed the business to continue its expansion

Solar energy Essay Example | Topics and Well Written Essays - 2500 words - 1

Solar energy - Essay Example While comparing the solar energy with respective other renewable and non-renewable energy resources, solar energy remains advantageous in most situations. Non-renewable energy resources like coal and oil, solar energy is not only cheaper but environment friendly too. Solar energy is free from hazardous emissions that are mostly associated with the fossil fuel resources. Some of the perspective advantages of the solar energy are given below.2.1 Advantage:2.1.1 PredictableSolar energy remains predictable as solar thermal power generation units remain functional throughout the day without any influence of external resource or fossil fuel resource. In daytime, in the presence of sun, solar energy directly converts the thermal content of the solar energy into electrical energy, while some content of this thermal energy is used to enhance the temperature of molten salt that remains hot for longer terns and used to generate electrical energy during night.2.1.2 No Pollution and it save the e co-systems and livelihoods Solar energy is free from emission that are associated with the fossil fuel resources that solar energy is environment friendly and preserves the biodiversity of the planet by maintain the healthy environment for the humans. Solar thermal power generation units are thermal power generation units which require the thermal energy o change the water to super saturated stream for the generation of energy through turbines. Solar thermal energy requires no extra equipment in the power generation process.

Paper 3 (The Final) Essay Example | Topics and Well Written Essays - 1500 words

Paper 3 (The Final) - Essay Example Lady Gaga has been a trendsetter in fashion and beauty for several years to date. Her photo to be featured in this paper and the way it was presented is similar to how she portrayed herself in public – deviant and trendsetter. Beyonce, on the other hand, has been a role model of popular culture for more than a decade now. She depicts talent and beauty that most young people look up to and desired to be. These two personalities in their own ways set the standards for beauty and define what popular culture is. By this, my paper will try to evaluate the effect of popular culture in people’s perception of beauty. I will explore two photos to prove that there is a connection between the photos, the popular culture and its role in influencing people’s lives and perspectives in terms of their social roles and in the aspect of beauty in particular. In the study conducted by Barbara Read entitled â€Å"Britney, Beyonce and me – Primary school girls’ role mo dels and constructions of the ‘popular girl’† it was discussed how gender and culture shape the values of young girls today into aligning with the experiences observed from their role models are, like for example Lady Gaga and Beyonce. According to Read (2), children’s peer culture play an important role in shaping the way they value things and construct meanings such that the more their friends want to become like their role models, they wanted the same things to happen to them too. According to the results of the study (Read 5), school girls look up to their female teachers primarily as their role models but this can be argued to be normal as teachers are the next best thing they normally look up to. The next school girls’ role models include female singers and performers such as Britney and Beyonce (Read 5). Source: American music photo set. The photo above is showing Beyonce as she performed Oxygen Festival in Ireland. The photo is an example of a framing vector in which the artist used edges of the image as well as other vectors within the image to direct viewer’s attention; this type was specifically used to include certain elements while excluding others (â€Å"Tools† 6). By using this type of vector, the artist or photographer was able to portray Beyonce as an object in which viewers can direct their attention (â€Å"Tools† 7). The objectified pop star can now be subjected to scrutiny and in turn may influence the perception of people especially pre-teen girls and women. They were able to see Beyonce in this photo as a role model in the way she look and dress and how beautiful and talented she is. The perspective of the photo was oblique in which there is a slightly more detached sense of involvement (â€Å"Tools† 14) and the long shot social distance that pertains to distance between people who are to remain strangers (â€Å"Tools† 17). In support to this claim, Read suggested in her work that pre-teen girls look up to people that are popular and are stranger to them (6). Read’s extensive works on the subject lead her to conclude that pop music had been important for pre teen girls in construction of their identity indicated by their interest in unknown or rare songs or bands/singers before looking up to anyone else (6).The photographer clearly conveyed the extent in which popular culture influenced a large number of people through capturing within the frame of this photo the millions of people looking up to Beyonce and by representing her as

Solar energy Essay Example | Topics and Well Written Essays - 2500 words - 1

Solar energy - Essay Example While comparing the solar energy with respective other renewable and non-renewable energy resources, solar energy remains advantageous in most situations. Non-renewable energy resources like coal and oil, solar energy is not only cheaper but environment friendly too. Solar energy is free from hazardous emissions that are mostly associated with the fossil fuel resources. Some of the perspective advantages of the solar energy are given below.2.1 Advantage:2.1.1 PredictableSolar energy remains predictable as solar thermal power generation units remain functional throughout the day without any influence of external resource or fossil fuel resource. In daytime, in the presence of sun, solar energy directly converts the thermal content of the solar energy into electrical energy, while some content of this thermal energy is used to enhance the temperature of molten salt that remains hot for longer terns and used to generate electrical energy during night.2.1.2 No Pollution and it save the e co-systems and livelihoods Solar energy is free from emission that are associated with the fossil fuel resources that solar energy is environment friendly and preserves the biodiversity of the planet by maintain the healthy environment for the humans. Solar thermal power generation units are thermal power generation units which require the thermal energy o change the water to super saturated stream for the generation of energy through turbines. Solar thermal energy requires no extra equipment in the power generation process.

Minimum Legal Drinking Age Essay Example for Free

Minimum Legal Drinking Age Essay Do you believe the drinking age should be lowered to allow eighteen year olds to consume alcohol, or should the legal age to drink alcoholic beverages stay at the age of twenty-one? Prior to 1984 you were, once you turned eighteen, in most states permitted to purchase alcohol. It was completely up to the state government. At age 18 they are legally an adult, and can therefore abide by their own rules and if they make a bad decision they have to pay the price. Why is it that as an adult you are permitted to purchase rifles, tobacco products, you can vote, enlist in the military, go to a casino, get a tattoo, body piercings, get married and even work in a bar but you can’t buy or consume alcohol? When you think of alcohol and eighteen year-olds what generally pops into mind is underage drinking, binge drinking, wild parties and date rape. But that is only the view of the irresponsible side of drinking, just as there is an irresponsible side of drinking at age twenty-one. At age eighteen you should be allowed to purchase or consume alcohol as you please, because you are legally an adult and responsible for your own actions. The Minimum Legal Drinking Age should be lowered to age eighteen. When you turn eighteen in the United States of America you are legally considered an adult. Until the 1984 Minimum Legal Drinking Age act you were allowed (at least in some states) to buy alcohol when you wanted. Subsequently to the passing of that law every state was forced to raise their minimum age to twenty-one. One of the men who voted for the 1984 Minimum Legal Drinking Age act, Morris E. Chafetz, stated that he â€Å"voted for it; it doesn’t work† and goes on to say that â€Å"it is the single most regrettable decision of my entire professional career†: â€Å"The reality is that at age 18 in this country, one is a legal adult. Young people view 21 as utterly arbitrary- which it is. And because the explanation given is so condescending- because they lack maturity and judgment, these same people who can serve on juries and sign contracts and who turned out in overwhelming numbers to elect our first black president- well they dont buy it. And neither do I.† (Chafetz 554-555) The Unites States military is one of the largest in the world, and has many bases and various stations throughout the entire world. At the age of 18 you must (if you are male) sign up for selective service (the draft) and you are eligible to enlist in the military regardless of your gender. Why is it that you can deploy to another country, fight for your country, get shot, lose limbs and have the memories of that with you for the rest of your life, but you can’t purchase alcohol? If you are old enough to risk your life to fight for your country and fight for the freedoms of this country then you should be able to go buy a beer at the bar with your buddies. Jeff Rainforth, a man who ran for congress, said that â€Å"Since the age was raised, many young adults have drunk more abusively than in the past. Like national Prohibition, it was been counter-productive. Raising the drinking age brought about more problems than it solved.† and went on to say that he recommends that is the legal drinking age was not lowered he recommends that military members can not go to combat until age 21. John McCardell, who founded and is now the director of an organization that exists to lower the drinking age back to eighteen, and also started the â€Å"Amethyst Initiative† talks about his solution to the problem. McCardell has credibility on this topic due to the fact that he is a former college professor and president, and is now a vice-chancellor at the University of the South, who has personally seen the way teenagers on a college campus drink and has an idea what will help with this issue. He says â€Å"Alcohol education is what we need.† This would make teenagers aware of the harms of drinking alcohol and reduce the amount of binge drinking that goes on. Lowering the drinking age would teach teenagers moderation. If they are drinking in a controlled setting where they are allowed to drink and don’t have to hide it, they will be more likely to casually drink. McCardell says that the 1984 Minimum Legal Drinking Age law was â€Å"an abysmal failure; it hasnt reduced or eliminated drinking, it simply driven it underground, behind closed doors, into the most risky and least manageable of settings.† In the â€Å"60 minutes† interview with CBS, the Boulder, Colorado Chief of Police, Mark Beckner is also an advocate for lowering the drinking age to eighteen. He says that â€Å"we cant stop it. The best we can do is try to contain it.† According to the 2010 National Survey on Drug use and Health, driving under the influence of alcohol was associated with age. The age group with the highest number of infractions(including wrecks) was the twenty-one to twenty-five year-old group at 23.4% of infractions being drunk/having been drinking as opposed to only 15.1% in the eighteen-twenty year-old group and a mere 5.8% in sixteen and seventeen year-olds. As far as fatal crashes go, the highest percent of drunk drivers that were involved in a fatal car crash was the group of 21-24 year olds. 25-34 year olds came in at 30%, 35-44 at 24% and all fatal car crashes of individuals that were above age 44 and below age 21 was only 14%. Driving under the influence of alcohol was associated with age in 2010. The rate was highest among persons aged 21 to 25 (23.4 percent). An estimated 5.8 percent of 16 or 17 year olds and 15.1 percent of 18 to 20 year olds reported driving under the influence of alcohol in the past year. Beyond age 25, these rates showed a general decline with increasing age. Many other western have long had a much more lenient attitude toward alcohol and alcoholic beverages. Many have set their Minimum Legal Drinking Age at 18, some at 16 and some do not even have a Minimum Legal Drinking Age. In many countries, such as Germany, there are very few drunk driving incidents whatsoever. In these countries parents often consume alcoholic beverages with their children, including beer or wine(in countries like France). By the time Europeans are allowed to drive they have been educated on the effects of alcohol and have been consuming alcohol for several years. Safe alcohol consumption should the same way as safe sex practices and drivers education classes. No one us naà ¯ve enough to think that teenagers will practice abstinence to avoid sexual encounters only in order to avoid a sexually transmitted disease, so why are people foolish enough to believe that teens will avoid alcohol just due to its dangers? Lowering the Minimum Legal Drinking Age will cause the teens who drink to rebel against their authorities to not drink as much due to it not being rebellious. Until a solution is agreed upon about whether the drinking age should be lowered, or stay at the age of 21, this will remain a controversial topic. Using these strategies in this essay works well to effectively persuade every single viewer that underage drinking is in fact a problem, and is attributed to the current law not allowing people to buy or consume alcohol under the age of 21. Because of the problems that are created because of this current law, it would be in this countrys best interest to lower the drinking age. This would prevent an increased number of alcohol related deaths due to underage binge drinking in the future. These are just a few of the reasons that the Minimum Legal Drinking Age act of 1984 should be repealed and the Minimum Legal Drinking Age should be at age 18. Works Cited Chafetz, Morris E. â€Å"The 21-Year-Old Drinking Age: I Voted For It; It Doesn’t Work.† Good Reasons With Contemporary Arguments. Eds. Lester Faigley and Jack Selzer. Boston: Longman, 2012. 554-555. Print McCardell, John. â€Å"A Drinking Age of 21 Doesn’t Work.† Good Reasons With Contemporary Arguments. Eds. Lester Faigley and Jack Selzer. Boston: Longman, 2012. 550-553. Print. â€Å"Issue in Focus: Drinking on College Campuses.† Good Reasons With Contemporary Arguments. Eds. Lester Faigley and Jack Selzer. Boston: Longman, 2012. 548-550. Print. CBSNews. (2010, March 01). The debate on lowering the drinking age. Retrieved from http://www.cbsnews.com/2100-18560_162-4813571.html-

Symptoms and Treatment of Parkinsons Disease

Symptoms and Treatment of Parkinsons Disease Parkinson’s disease Parkinson’s disease is a progressive neurologic disorder affecting the brain centers that are responsible for control and regulation of movement. It is characterized by bradykinesia (slowness of movement), tremor, and muscle stiffness or rigidity (Katzung, Mastes, Trevor, 2012). The major lesion appears to result in a loss of pigmented neurons, particularly those in the substantia nigra of the brain. The substantia nigra is a collection of midbrain nuclei that project fibers to the corpus striatum. One of the major neurotransmitters in this area of the brain, and in other parts of the central nervous system, is dopamine, which has an important inhibiting function in the central control of movement (Brunton, Chabner, Knollman, 2011). Although dopamine normally exists in high concentration in certain parts of the brain, in Parkinson’s disease it is depleted in the substania nigra and the corpus striatum. Depletion of dopamine levels in the basal ganglia is associated with bradykinesia, rigidity, and tremors (Brunton, Chabner, Knollman, 2011). Regional cerebral blood flow is reduced in patients with Parkinson’s disease, and there is a high prevalence of dementia. Biochemical and pathologic data suggest that demented patients with Parkinson’s disease may have coexistent Alzheimer’s disease (Connelly Fox, 2012). In the majority of patients, the cause of the disease is unknown. Arteriosclerotic Parkinsonism is seen more frequently in older age groups. It may follow encephalitis, poisoning, or toxicity (manganese, carbon monoxide), or hypoxia, or may be drug induced. The disease most frequently attacks persons in their fifties and sixties and is the second most common neurologic disorder of the elderly (Brunton, Chabner, Knollman, 2011). The clinical manifestations of Parkinson’s disease are impaired movement, muscle rigidity, tremor, muscle weakness, and loss of postural reflexes. Early signs include a stiffening of the extremities and a wax-like rigidity in the performance of all movements. The patient has difficulty in initiating, maintaining, and performing motor activities, and experiences some delay in carrying out normal activity (Kofman). As the disease progresses, the tremor begins, frequently in one hand and arm, then the other, and later in the head, although the tremor may remain unilateral. The tremor is characteristic: it is a slow, turning motion (pronation-supination) of the forearm and the hand, and motion of the thumb against the fingers as if rolling a pill between the fingers. It increases when the patient is concentrating or feels anxious (Connelly Fox, 2012). Other characteristics of the disease affect the face, stature, and gait. There is loss of normal arm swing. Eventually, the rigid extremities become weaker. Since there is limited movement in the muscles, the face has so little expression that it is said to be masklike (with infrequency of blinking), a feature that can be recognized at a glance (Connelly Fox, 2012). There is a loss of postural reflexes, and the patient stands with head bent forward and walks as if in danger of falling forward. Difficulty in pivoting and loss of balance may lead to frequent falls (Katzung, Mastes, Trevor, 2012). Frequently, these patients show signs of depression, and it has not been established whether the depression is a reaction to the disorder or related to a biochemical abnormality. Mental manifestations may appear in the form of cognitive, perceptual, and memory deficits. A number of psychiatric manifestations (personality changes, psychosis, dementia, confusion) are particularly common among the elderly (Kofman). Complications from immobility (pneumonia, urinary tract infection) and the consequences of falls and accidents are major causes of death (Kofman). Early diagnosis of Parkinson’s disease can be difficult, as the patient can rarely pinpoint when symptoms started. Often someone close to the patient notices a change such as stooped posture, stiff arm, a slight limp, or tremor. Handwriting changes may be an early diagnostic clue. The diagnosis of Parkinson’s disease can usually be made with certainty when there is evidence of tremor, rigidity, and bradykinesia (Brunton, Chabner, Knollman, 2011). The results of the patient’s history and neurological examination are carefully evaluated. Without treatment Parkinson’s disease progresses over ten to fifteen years to a rigid, akinetic state in which patients are incapable of caring for themselves (Brunton, Chabner, Knollman, 2011). The availability of effective pharmacological treatment has altered the prognosis of Parkinson’s disease; in most cases, functional mobility can be maintained for many years. Life expectancy of adequately treated patients is increased substantially (Brunton, Chabner, Knollman, 2011). The presence of dysphagia is associated with shorter survival times. Motor impairment of the muscles in the throat impairs swallowing and poses a risk for aspiration pneumonia. Other complications of Parkinson’s disease include sleep disorders, sexual dysfunction, bowel and bladder complications, and sensory problems, such as the loss of smell (Kofman). There is no cure for Parkinson’s disease. Treatment mainly relies on replacing dopamine with focus on controlling symptoms and improving quality of life (Katzung, Mastes, Trevor, 2012). Because Parkinson’s disease symptoms are due to a deficiency of the brain chemical dopamine, the brain drug treatment help increase dopamine levels in the brain. Levodopa, usually in combination with carbidopa, is the standard drug treatment (Katzung, Mastes, Trevor, 2012). For patients who do not respond to levodopa, dopamine agonists may be prescribed. Physical therapy is an important part of Parkinson’s disease treatment. Rehabilitation can help improve balance, mobility, speech and functional abilities. No treatment method has been proven to change the course of the disease. For early disease, with little or no impairment, drug therapy may not be necessary (Kofman). There is no cure for Parkinson’s disease, but medications, physical therapy, and surgical interventions can help control symptoms and improve the quality of life (Connelly Fox, 2012). The goals of treatment are to relieve disabilities and balance the problems of the disease with the side effects of the medications. A number of issues must be considered in choosing a medication for treatment. These include the effectiveness of the medication, the side effects of the medication, and the loss of effectiveness over time (Brunton, Chabner, Knollman, 2011). Levodopa (L-dopa) has been used for years and is the gold standard for treatment. L-dopa increases brain levels of dopamine. It is probably the most effective drug for controlling symptoms and is used in all phases of the disease. The standard preparations, Sinemet and Atamet, combine levodopa with carbidopa, a drug that slows the breakdown of levodopa. Levodopa is better at improving motor problems than dopamine agonists but increases the risk of involuntary movements. Effectiveness tends to decrease after four to five years of use (Brunton, Chabner, Knollman, 2011). Dopamine agonists’ drugs mimic dopamine to stimulate the dopamine system in the brain. The drugs included are pramipexole (Mirapex), ropinirole (Requip), bromocriptine (Parlodel), and rotigotine (Neupro) (Katzung, Mastes, Trevor, 2012). Monoamine oxidase B inhibitors may have some mild benefits in initial therapy; they include selegiline (Eldepryl) and rasagiline (Azilect), and they slow the breakdown of dopamine that occurs naturally in the brain and dopamine produced by levodopa (Katzung, Mastes, Trevor, 2012). Entacapone (comtan) is a catechol-o-methyl transferase (COMT) inhibitor that helps to prolong the effects of levodopa by blocking an enzyme that breaks down dopamine (Brunton, Chabner, Knollman, 2011). Medications to treat other symptoms associated with Parkinson’s disease include antidepressants. Tricyclic’s, particularly Amitriptyline (Elavil), studies indicate that the use of SSRIs may worsen symptoms. Anti-psychotics include clozapine and quetiapine help with psychotic symptoms seen with Parkinson’s disease (Brunton, Chabner, Knollman, 2011). The cholinesterase inhibitor drugs donepezil (Aricept) and rivastigmine (Exelon) are used to treat Alzheimer’s disease and are sometimes used for Parkinson’s disease. The benefits are small and may not be noticed. Daytime sleepiness and fatigue may be treated with modafinil (Provigil) a drug used to treat narcolepsy or methylphenidate (Ritalin) may be considered for fatigue. Glycopyrrolate, scopolamine, and injections of botulinum toxin may be used to relieve drooling symptoms (Brunton, Chabner, Knollman, 2011). Advanced Parkinson’s disease poses challenges for the patient and caregivers. Eventually, symptoms such as stooped posture, freezing, and speech difficulties may no longer respond to drug therapy. Surgery (deep brain stimulation) may be considered. Patients become increasingly dependent on others for care and require assistance with daily tasks. The goal of treatment for advanced Parkinson’s disease should be on providing safety, comfort, and quality of life (Brunton, Chabner, Knollman, 2011). The toxic effects of Levodopa with carbidopa are considerable. Dyskinesia, the ability to control muscles, can take many forms, most often uncontrolled flailing of the arms and legs or chorea, rapid and repetitive motions that can affect the limbs, face, tongue, mouth, and neck (Brunton, Chabner, Knollman, 2011). Hypotension is a common problem during the first few weeks of therapy. Cardiac arrhythmias and gastrointestinal difficulties are common, with the potential of gastric bleeding. Levodopa can cause disturbances in breathing function, but may benefit patients with upper airway obstructions. Hair loss and mental and psychiatric side effects including confusion, extreme emotional states, especially anxiety, vivid dreams, visual and auditory hallucinations, sleepiness, and effects on learning are other side effects of levodopa (Connelly Fox, 2012). Levodopa causes fewer psychiatric side effects than other drugs including anticholinergics, selegiline, amantadine, and dopamine ago nists. Psychiatric side effects often occur at night, therefore, some doctors recommend reducing the evening dose (Connelly Fox, 2012). Monoamine Oxidase B (MAO-B) inhibitors block monoamine oxidase B, an enzyme that degrades dopamine. Selegiline was commonly used in early onset disease in combination with L-dopa for maintenance (Brunton, Chabner, Knollman, 2011). Concerns of the significant side effects have been raised. Azilect, a newer MAO-B Inhibitor, is used alone during early stage Parkinson’s disease and in combination with L-dopa for moderate to advanced Parkinson’s disease. Side effects of MAO-B inhibitors include orthostatic hypotension, hypertension if combined with drugs that increase serotonin levels, such as many antidepressants (Brunton, Chabner, Knollman, 2011). A dangerous increase in blood pressure may occur if patients eat foods rich in the amino acid tyramine, while taking selegiline or rasagiline, and for two weeks after stopping the medications. Patients should avoid foods such as aged cheeses, processed lunch meats, pickled herring, yeast extracts, aged red wine, draft beers, sa uerkraut, and soy sauce (Connelly Fox, 2012). Dopamine agonists stimulate dopamine receptors in the substantia nigra. Dopamine agonists are effective in delaying motor complications during the first years of treatment (Katzung, Mastes, Trevor, 2012). Newer dopamine agonists, Mirapex (pramipexole) and Requip (ropinirol) are the most commonly prescribed. Mirapex appears to work better and have fewer side effects than requip. Side effects include nausea, vomiting, constipation, headache, nasal congestion, nightmares, hallucinations, and psychosis. Bromocriptine is the only ergot dopamine agonist approved for treatment in the US (Connelly Fox, 2012). Apomorphine is a dopamine agonist used as a rescue drug in people having on-off effects severe enough to require going off L-dopa for a few days. Because it causes severe nausea and vomiting, it must be taken with an anti-emetic. Rotigotine (Neupro) is a once daily transdermal patch to treat early and advanced stage Parkinson’s disease (Connelly Fox, 2012). Catechol-O- Methyl Transferase Inhibitors (COMT Inhibitors) increase concentrations of existing dopamine in the brain. Entacapone (Comtan, Stalevo) is the current standard COMT inhibitor. It improves motor fluctuations related to weaning off effects. The side effects include involuntary muscle movement, confusion, hallucinations, nausea, vomiting, insomnia, headache, urinary retention, cramps, diarrhea, less common constipation, susceptibility to respiratory infection, sweating and dry mouth (Brunton, Chabner, Knollman, 2011). A major concern is reports of death from liver damage in patients taking tolcapone (Tasmar) and is recommended only for patients unable to tolerate other drugs. Entacapone does not appear to have the same effects on the liver and does not require the same monitoring (Katzung, Mastes, Trevor, 2012). Anticholinergic drugs were the first used in the treatment for Parkinson’s disease. They are used only for control of tremors in early stages (Brunton, Chabner, Knollman, 2011). Side effects are dry mouth, nausea, urinary retention, blurred vision, and constipation. They can increase heart rate and constipation. They may cause mental problems including memory loss, confusion, and hallucinations (Brunton, Chabner, Knollman, 2011). Amantadine stimulates the release of dopamine and may be used with early mild symptoms. Side effects include swollen ankles, and mottled skin, visual hallucinations. Overdose can cause serious and life-threatening toxicity (Brunton, Chabner, Knollman, 2011). References Brunton, L., Chabner, B., Knollman, B. (2011). Goodman Gilmans: The pharmacological basis of therapeutics (12 ed.). McGraw-Hill. Connelly, B., Fox, S. (2012, December). Drug treatments for the neuropsychiatric complications of Parkinsons disease. Retrieved from Medscape.com: http://www.medscape.com/viewarticles/777166 Katzung, B., Mastes, S., Trevor, A. (2012). Basic clinical pharmacology (12 ed.). McGraw-Hill. Kofman, O. (n.d.). Complications of therapy in Parkinsons disease. CKP-MFC, 12, 87-91. Retrieved from http://www.ncbi.nih.gov/pmc/articles/pmc2153537

The Hobbit by JRR Tolkein :: essays research papers

â€Å"The Hobbit† Book Report   Ã‚  Ã‚  Ã‚  Ã‚   â€Å"The Hobbit† was written by J. R. R. Tolkien and secured as a copyright in 1937. The story is about a short, peaceful creature named Bilbo Baggins who, like most hobbits, is about half as tall as a human, but not nearly as loud. Bilbo resides in his comfortable hole where he leads a very easy-going life. He does, however have a side to himself that wants to go out and explore the world and be adventurous. One day a wizard, named Gandalf, comes to Bilbo’s house and discovers that he could use an adventure to make a difference in his life. Bilbo declines Gandalf’s invitation, but gets dragged into an expedition when Gandalf hires Bilbo as a â€Å"Burglar† to join a group of dwarves. These dwarves, led by Thorin, are going to head to the Lonely Mountain to reclaim treasure stolen from their family by a fierce dragon, named Smaug. Throughout the quest, the party is faced with trouble from trolls, goblins, spiders, and many â€Å"evil† creatures. Bi lbo is useful to the group because he can sneak around very quietly, and explore things without getting caught. This ability to sneak around is ever increased when he stumbles across a magic ring that makes him invisible. Using the ring, Bilbo comes across a way to kill the dragon and reclaim the treasure. He spreads word of Smaug’s weak spot and the dragon is killed, but not before an entire town is destroyed. When the treasure is reclaimed, there is much controversy over who gets to claim it. Thorin is, however, unwilling to share the treasure with anyone but the dwarves, and a war brews over it. The â€Å"good† creatures unite and defeat the â€Å"evil† creatures, but as a consequence Thorin is killed in battle. The treasure is then spread peacefully among the â€Å"good† creatures, including Bilbo, and he heads home. When he returns he finds that the other hobbits do no longer wish to interact with Bilbo because of his newfound adventurous ways. He do esn’t mind though, because he has gained many friends out of his expedition, who stop by frequently. The Hobbit is a great story for people who like to leave their present reality, and simply enter a world of fantasy. This novel’s most important element was the main character, Bilbo Baggins. The entire story revolves around Bilbo’s actions, and follows him wherever he goes.

Journal Reading :: essays research papers

Introduction: Journaling is a powerful thing; there are many different uses for a Journal, everything from personal thoughts to keeping an expedition written down for later resource. Many people don’t use Journals which is unfortunate, my focus in this paper is to show the different areas of Journaling and to possibly make it a part of your life. Thesis: My thesis statement is to show the importance of journaling in leadership and other positions.   Ã‚  Ã‚  Ã‚  Ã‚  Getting started, it doesn’t take much to get started, all you need is a pen or pencil, preferably a pencil incase you need to change something, but a wise teacher once told me that his mom asked him a very interesting question, â€Å" What do you use on crossword puzzles, a pen or a pencil,† she then later stated â€Å" I always do mine in pen,† now the reason behind her always doing it in pen is so you know you did it write the first time, and you feel confident in that. The next thing you would or should need is something to write on, this can be anything from a purchased store journal to napkin from a restaurant, although having a booklet of napkins may seem absurd, it doesn’t matter as long as it’s something to take your thoughts down on. The other thing that you should have is a positive attitude, trust me it is helpful in all aspects of life, a great man once said, â€Å" The greatest discovery of my generation is that hum an being can alter their lives by altering their attitude of mind by William James.† (Pg.88 John Maxwell The 21 Indispensable Qualities of a leader). That’s about all it should take to start a effective journal, so stay focused as we will be going through the Purpose of Journaling. The first area I would like to delve into is the thinking aspect of Journaling. I don’t know about you, but I like to think, it makes me feel like I’m the smartest man in the world. I took this class called Practicum Seminar Leadership and for the class we had to go on a solo trip for about 3 days, by ourselves, and I thought a lot while I was out there and I wish I had, had a journal to keep all my thoughts down in, because some of them were lost, but I came out of there with a deep understanding of what it means to be positive.

Impact of Terrorism on Financial Markets of Pakistan Essay

Since the emergence of 9/11 event in U.S.A., the world has witnessed significant increase in terrorist activities. Pakistan unfortunately has been the most vulnerable to the paradigm shift of terrorism. Its vulnerability is mainly subjected to its geographical location. Nonstop terrorist activities toppled over the country’s political, social and economic structure. Now the life of a normal citizen is at risk. State of infrastructure has become deplorable owing to the series of terrorist activities. Resultantly economic activity reduced manifold. Being a frontline state on â€Å"war on terror† the loss of Pakistan’s economy was a natural consequence. Pakistan’s economy was affected almost at all economic fronts which comprises of external, industrial, agricultural, business and services sector, etc. The continued rise in the terrorist activities also affected the confidence of foreign investors which caused the stoppage of FDI, besides withdrawal of the po rtfolio investment. The impact of terrorism was also felt in all the areas of the economy with varying degree and intensity. The most prominent areas included tourism, hotelling, manufacturing, cottage industry, transportation, trade, etc. These industries have reinforcing effect on each other. Factors such as heavy influx of Afghan immigrants, particularly Taliban; porous Pak-Afghan border; political instability; external conspiracies, demographic weaknesses and its geographical attractiveness have accentuated the process of Terrorism in Pakistan. All these factors combined with global â€Å"war on terror† have deteriorated Pakistan’s economic situation as a whole. Financial markets, which are the nucleus of any economic system, are also supposed to be affected due to terrorist activities. In the aftermath of the terror attacks of 11 September 2001 in New York and 11 March 2004 investors’ confidence deteriorated beyond national boundaries because of contagion effects (Johnston and Nedelescu, 2006). Under the current wave of terrorism in Pakistan, particularly the stock market, forex m arket and money markets are affected the most. These markets are highly important as most of the policy impacts are transmitted through these markets. Therefore, any disruption in the smooth working of these markets may affect the achievement of overall economic target set by the government. Especially the stock market, which is considered to be the barometer of economic health of a country, appeared to have been affected by the rise in extremism or terrorism in recent times. The negative impact of the market to hype in such activities is reflected by the selling of bonds of the target firm’s, but the magnitude and consistency of the negativity stirred in the market and of the spill over effects is questionable (Karolyi, 2006). Similarly, the forex market which is also obviously affected by the uncertainty prevailing in the economic environment bears adverse effects of the related events. As regard the banking sector of Pakistan, it is also found to be inflicted due to the aftermath of the terrorist activities. The size and distribution of the effect of these activities would depend on the myriad of factors such as nature of terrorist attack, target of the attack, the multiplier effect, policy response and the resilience of the financial market (Bruck and Wickstrom, 2004). Besides Lal Masjid operation, the hall mark of the terrorist activities over the sample period is loss of internationally known Pakistani Political personality i.e. Benazir Bhutto. After the assassination of the said Pakistan’s banking sector faced substantial losses due to damage to the infrastructure and robberies of the bank. Downfall of any of the financial market associated with a terrorist activity reduces the incentive to spend as opposed to save, a process that can spread through the economy and the rest of the world through normal business cycle and trade channels (Johnston and Nedelescu, 2006). Keeping in view the significance of financial market for Pakistan’s economy, the quantification of the impact of terrorists’ activities on financial market becomes an interesting area of research work. Especially, this requires empirical quantification of the impact of various kinds of terrorist activities that either occurred in key business centers or happened in the far flung areas. II. Literature Review We find very limited literature on the subject issue. Although a few studies are found to be discussing the overall consequences of terrorism on world economies, we do not find much evidence about the quantification of the impact of terrorist activities on financial markets using such high frequency data and with special reference to Pakistan. For the benefit of readers, the review of some of the relevant studies has been made which is given as under: After the eruption of terrorism in Spain in the 1970’s, Abadie and Gardeazabal (2001) discovered the fact that there was ten percent deterioration in the per capita GDP of the Basque region as opposed to a synthetic control region. They also found out that this difference widened due to the rise in the terrorist activities. Chen and Siems (2004) assessed the degree to which the U.S. Stock market reacted to fourteen extremist acts in the past ninety years by using the event study methodology. They also tried to assess the impact o f the September 11 attacks and the raid on Kuwait by Iraq on the stock markets of different nations of the world. They found certain proof of flexibility in the fact that the encounter with such extremists’ lead to a decrease in the market reaction. Moreover, they came to know that the impact of the September 11 incidence and the Iraqi raid were more unfavorable and harmful on the stock markets of nations around the world as opposed to the U.S. stock markets. The study by Johnston, et al. (2005) attempted to explore the impact of terrorism on financial markets. They found that how financial markets react to different shocks stemming from terrorist attacks. By making use of the data on financial markets such as the government securities market, the repo market, the insurance industry and the capital market of U.S, the study analyzed the reaction of the financial markets to the September 11 ‘2001 terrorist attacks in the New York, and March 11, 2004 attacks in Madrid. They concluded that given the accurate timely response of the authorities and rogue disaster management, the financial markets of U.S and Spain respectively were attributed with diversity and resilience to absorb the shocks of terrorist attacks. Both the central banks laden with the sense of responsibility of the â€Å"lender of the last resort† also came to rescue their respective financial systems in the aftermath of these acts of terrorism. In addition, the globalization trends also incepted the cross border cooperation among the central banks which mitigated the diffusion of contagion effects through the chain process of business cycle. Barth, and et al (2006) used panel data on terrorism and employed some of the control variables which proved the negative, depressing and unfavorable influence of terrorism on economic progress. In broad-spectrum, these extremists’ occurrences and events have a substantial destructive impact on the economy of a country and thus rende r a depreciation and deterioration of the economy. Their outcome also sheds some light on the fact that the aim of such attacks also makes a difference. Extremists’ attacks directed at places and properties other than that of public have an unconstructive link commonly with development and capital structure and generation. Gulley and Jahangir (2006) used the statistical data available for the stock, bond and foreign exchange rate and stock market from 1968 to July 2005, for a group of countries i.e Australia, Canada, France, Germany, Italy, Japan, UK and the US. Data on terrorist attacks has been collected from The National Memorial Institute for Prevention of Terrorism (MIPT) for exactly the same time period characterizing the date, time, location, type and target of the attack. Since the data is high frequency data, they have employed â€Å"Generalised Autoregressive Conditional Heteroscadastisity (GARCH) Model† to study the impact of terror attacks on the return (level) and volatility of the financial markets of the sample area, while their theoretical model is based on asset pricing model. Their results are well collaborated with the perceived expectations and the theory. They found negative returns with increasing terrorist activities for the stock market, while for the bond market lower yields were observed. Terrorist attacks had not been found associated with additional volatility in stock market in the given set of countries under observation. Liquidity of the foreign exchange market is significantly higher than other markets. Abadie and Gardeazabal (2007) attempt to measure the impact of terrorism on the foreign direct investment in an open economy. They made use of the data set on net stock of FDI obtained from the UNCTAD (United Nation Conference on Trade and Development) for 98 countries and GTI (Global Terrorism Index) for measuring data on terror activities which have the 100 European Journal of Social Sciences – Volume 18, Number 1 (2010) advantage over other measures by being popular among the international investors’ who use it to evaluate specific country’s risk. During their regression analysis, keeping the other types of risks constant, it was concluded that small changes in terror activities have the potential to bring big change in the allocation of the productive resources across the countries, keeping the international economy sufficiently open. They have statistically proved that wit the increasing standard deviation of the terror attacks, the net FDI shrinks by 5 percent of GDP. Melnick and Eldor (2007) used discounted-cash-flow valuation model in order to calculate the media exposure created due to such terrorist acts and also for the assessment of costs in term of the foregone alternatives of the liberated and unbound media exposure provoked by such extremists’ acts and their impact on the single stock market fun ctioning in Israel, â€Å"Tel Aviv Stock Exchange†, to measure the influence on the economy. They reached to the conclusion that there a statistic importance and significance of the opportunity cost variable and that it provides a role as an adequate indicator including the whole content required to portray the impact of militant acts on the stock market. The outcome clearly shows the converse relationship between the degree of media exposure and the deterioration in the value of stocks. However, it was also found that not any of the elements arising out of terrorism are statistically substantial and significant after the insertion of the opportunity cost variable in the equation. Berrebi and Klor (2008) took the sample of 125 Israeli defense and security companies that are traded in American markets and a number of American companies as controls for Israeli companies. The data on terror attacks, collected from Israeli foreign ministry, was based on daily terror attacks and noncombatant fatalities arising from them. They made use of the event study methods in order to measure and assess the positive impact of terrorism on the return of the stocks of the sample companies relative to those of control group. It was empirically found that Israeli defense related companies experienced comparatively lowered (negative) abnormal returns than those of American controls during the first part of the period under analysis i.e. before Palestinian uprising (January 1st, 1998 – September 28th, 2000). They had also been successful in proving that average cumulative difference in abnormal returns (CDRAR) of the defense related companies exhibit downward slope before the Palestinian uprising where as the trends reverses abruptly during the second part of period under analysis (second Palestinian uprising). During the second uprising, the defense realted companies gained around 70 percentage points while the non defense companies lost over 60 percentage points. Out of the myriad of research problems pertaining to this area of interest, quantification of the terrorist activities and measuring its impact on the fluctuation of various economic variables is imperative owing to the possibility of plausible relationships between two variables which may result in biased empirical results (Berrebi and Klor, 2008). In this paper, this problem has been tried to sought out by using Durban Watson statistics in order to check the variables for autocorrelation issue. This study is different in several aspects from the existing studies which were conducted on the subject matter. Some of the distinguishing features are given as under: †¢ It uses daily data on all the financial markets and the terrorist activities. Earlier studies present on this topic have examined the financial markets on a much lower frequency data. †¢ This study is first of its kind with reference to Pakistan. No research has been done in Pakistan before on the same lines. †¢ Different aspects of terrorism have been incorporated in this study in terms of the kind of terrorist activity, its intensity, the location of incidence and the target. †¢ The study examines the effect of each kind of terrorist activity on stock, forex and money markets separately. III. Research Methodology Data Description The study uses time series data for this piece of research work. It uses high frequency data, which is a daily data, over a period of two and a half years (i.e. from 31st December 2005 to 30th June 2008). The 101 European Journal of Social Sciences – Volume 18, Number 1 (2010) data has been collected from different resources. Secondary data has been used for three financial markets separately, i.e. banking market which represents the money market while stock market (KARACHI STOCK EXCHANGE) and the FOREX market represent the capital market. The data on the KSE Index has been taken from the KSE website. The data on the foreign exchange (i.e. rupee dollar parity) has been acquired from the Monetary Policy Department of the State Bank of Pakistan. The data on KIBOR (Karachi Inter Bank Offer Rate) has also been obtained from Domestic Markets & Monetary Management Department (DMMD), State Bank of Pakistan. The most cumbersome process of the primary data collection has been the collection of terrorists’ activities on daily basis. Daily information on these activities has been collected from various news papers including â€Å"The Daily Dawn†. Since various kinds of terrorists’ activities were found in the news papers, an attempt was made to choose the most relevant activities which has some impact on the working of financial market. While finding out the impact of terrorists’ activities on the financial markets of Pakistan we categorize the terrorists’ activities into four distinct dummy variables. The terrorists’ activities have been grouped together in four different categories naming D1, D2, D3 & D4. Each activity has been assigned a particular group according to its intensity. A brief discussion of dummy variables used in the study is given as under; †¢ D1 is equal to 1 for the kind of terrorists activities which have targeted the key p ersonnel (political or otherwise) of the country and 0 for not happening of such event. †¢ D2 is equal to 1 for the happenings of the terrorists’ activities in the cities that are financially active or are the economic centers of the country and 0 for not happening of such events. †¢ D3 is equal to 1 for occurrence of major activities but in the non financial cities, †¢ Whereas D4 equals 1 for minor terrorists’ events taking place in small cities and 0 for not happening of such events. †¢ DST is equal to 1 in case of any structural change that has taken place during the period under study, otherwise it is equal to 0. Though most of the activities placed in D4 are not minor in terms of cost of human lives and infrastructure of the cities, but may be because of the peaking magnitude of the terrorism in the country for the past two and a half years or so, we as a nation, has become so much resilient to such attacks that loss of lives of normal citizens or human beings or blowing up of country’s resources does not mean much loss to u s, neither in moral sense nor in financial terms. Analytical Techniques For the estimation of results, E-views, which is time series econometric software, has been extensively used. For the purpose of analysis, the model used is â€Å"MULTIPLE REGRESSION MODEL†. This model not only tells us the extent of the impact of terrorists’ activities on the individual financial markets but it also tells us the direction of the relationship between the regressors and the regressands. In this study the regressand are KSEI, FOREX rate and KIBOR while the four categories of terrorist activities are regressors. The study asseses the impact of terrorist activities on these three market. The functional form of the model would be as follows; (1) FM = f (Di) Where; FM indicates any type of the above mentioned financial market. Di indicates dummy variable capturing the impact of any type of the terrorist activity which affects the financial markets in Pakistan. To assess the impact, the functional form of the equation no. 1 is converted i nto mathematical equation, which is as follows; FM = ÃŽ ± + ÃŽ ²Di (2) Where; FM = any financial market operating in Pakistan e.g. ÃŽ ± = intercept ÃŽ ² = parameter to be estimated or coefficient. Di = dummy variables ranging from D1 to D4. WhileD1, D2, D3 and D4 are already explained. For KIBOR analysis, the study uses an additional dummy variable namely DST. It denotes any structural changes occurring in the economy which has imminent impact on the inter bank market. Since the dependent variable (financial markets) is also affected by many other variables which are called stochastic or error terms, so we need to convert the equation no. (2) into an econometric equation, which is represented as follows; FM = ÃŽ ± + ÃŽ ²Di + ei (3) Where ei is an error term. Since the dynamics of each kind of financial markets are a bit different. We need to estimate the results separately using a different equation for estimation purpose. These are given below; i. Stock Market Since KSE is the most active or most efficient of all the financial markets in Pakistan, we analyze the impact of four dummy variables on KSE 100 index first. In order to particularly analyze the growth of KSE Index we convert the daily values of KSE 100 Index into their log values. As the stock market show significant volatility over the last few years, we take natural log of the equation no. (2) for smoothening of the KSE Index. KSEI = ÃŽ ± + ÃŽ ²Di + ei (4) Taking natural log on the left hand side we get; Ln(KSEI) = ÃŽ ± + ÃŽ ²Di + ei (5) This is the final equation which can now be used for estimation of the impact analysis of terrorist activities on KSE. The equation reads as the natural log of Karachi Stock Exchange 100 Index is a function of the Di viz D1, D2, D3 and D4 representing various forms and intensity levels of terrorist activities. After regressing all the dummy variables (D1 to D4) separately on the LnKSEI, we see adverse effect of D1, D2 and D4 on the LnKSEI. It is important to note that the individual effect of D1 and D2 seemed suppressed. So in order to enhance the collective effect of D1 and D2 we combine both the variables and name it as D1†². So that the terrorists’ activities targeting key personnel and major financial areas are singularly termed as â€Å"major events† (grouped in D1†²) while D3 and D4 remain the same. By applying OLS regression technique, we estimate the following equation;(6) Ln(KSEI) = a + ÃŽ ²D1†² + ÃŽ ³D4 + ei Where; Ln(KSEI) = natural log Karachi Stock Exchange Index. D1†² = terrorists’ activities targeting key personnel and major financial cities. D4 = minor activities in small cities. ÃŽ ±, ÃŽ ², ÃŽ ³ = parameters to be estimated. ei = stochastic/ error/residual term. ii. FOREX Market Foreign exchange market of a nation is the arena where country’s currency is traded for other currencies. The daily buying and selling of a currency determines the daily average rate of a currency. The trading takes place in domestic and international market simultaneously and hence the equilibrium point of the demand and supply of a currency determines the daily average FOREX rate. The rate can be determined in terms of any foreign currency. The exchange of currency typically takes place via brokers, but overall many institutions like commercial banks, investment banks, brokerage houses, clearance houses, foreign exchange markets on the whole and individuals are involved in the process. FOREX market is the biggest financial market of the world but with reference to Pakistan it stands second. Since foreign exchange rate can be expressed i n two ways, i.e;  i. Direct quotation ii. Indirect quotation. In this study we have used the direct quotation of the Pak rupee (PKR). We take the exchange rate of PKR in terms of U.S Dollar and express the exchange rate as I/PKR (direct quotation). Taking its natural log reduces the volatility of the exchange rate. In our analysis we are required to determine the impact of terrorists’ activities on the Exchange Rate stability or to critically see how much of the underlined activities depreciate the domestic currency in terms of the foreign currency (U.S. Dollar). We have derived the following equation: Ln (ER) = ÃŽ ± + ÃŽ ²Di + ei (7) Where; ER = exchange rate. While for analysis purpose we use the following equation. (8) Ln (ER) = ÃŽ ± + ÃŽ ²1(D1) + ÃŽ ²2(D2) + ÃŽ ³(D4) + ei where; Ln (ER) = natural log of exchange rate D1 = terrorists’ activities targeting the key personalities D2 = terrorists’ activities taking place in the major financial cities D4 = minor terror events in small cities. ÃŽ ±, ÃŽ ², ÃŽ ³ = parameters to be estimated ei = residual/ error term. It is clear from equation (8) that ER is influenced by the terrorist activities grouped in D1, and D2. For the empirical findings, we regress the g iven econometric equation by applying OLS technique. iii. KIBOR Karachi Inter Bank Offer Rate (KIBOR) is the average of daily offer rates of commercial banks. It is the average daily rate on which a bank offers short term loans to other commercial banks. In other words, KIBOR is a yardstick to measure the capability of banking industry of a country to accommodate short term loans and funds. The underlined activities may also affect KIBOR rates. Interbank rate is the relative indicator of performance and efficiency of banking industry since it indicates the borrowing ability of the commercial banks. Econometric equation for KIBOR is given as; KIBOR = ÃŽ ± + ÃŽ ²Di + ei (9) To find out the empirical results of impact of terrorism on banking industry (KIBOR) weestimate the following econometric equation by OLS technique. KIBOR = ÃŽ ± + ÃŽ ²D1 + ÃŽ ³DST + ei (10) Where; KIBOR = Karachi Inter Bank Offer Rate D1 = major terrorists’ activities targeting key personalities. DST = dummy variable for structural changes. ÃŽ ±, ÃŽ ², ÃŽ ³ = parameters to be estimated ei = stochastic/error/residual term. IV. Empirical Findings As already explained, we separately estimate the impact of terrorists’ activities on three types of financial markets mainly due to having different dynamics and sensitivity of events. The final impact analysis is given as under; i. KSEI Using equation no. (6) we obtain the impact of underlining activities on KSE market. 104 European Journal of Social Sciences – Volume 18, Number 1 (2010) It is apparent from the results that the value of R2 is 0.98 or 98% which means that our model is best fitted. It implies that 98% of variations in the dependant variable (LnKSEI) are explained by the independent variable. Durbin Watson Statistics is equal to 1.96, which is closer to 2, shows that the regression model is not ploughed with the problem of autocorrelation. Standard error of the model is also reasonably small (0.016336) which is responsible for increasing the calculated value of t-statistics, thus we reject null hypothesis (i.e. Ho: ÃŽ ² & ÃŽ ³ = 0). F-statistics is 14379.05, which is comparatively very high indicating the overall significance/fitness of the model. C or ÃŽ ± is actually the intercept which is the weighted average of all the ignored variables that might affect the KSE index. Its value is 9.441305 which are significant at 1 % level of significance (highly significant). This indicates that KSEI is affected by variety of events not included in this analysis due to time constraint factor. Most probably the factors like capital taxes on earnings of stocks, capital inflows, and future strategies of companies registered at stock market, external shocks might be included in the test. Similarly, the terrorist activities also adversely affect KSE. Particularly, the value of D1 dummy variable (ÃŽ ² = -0.005021 at 2% level of significance) indicates that 1 percent increase in relevant terrorists’ activities might negatively affect KSE 100 Index by 0.5 percent. It means that the terrorists’ activities occurring in major financial hubs and those targeting key personalities of the country negatively and significantly impacts the performance of the KSE. To put it the other way round, KSE 100 Index might decline when any such terrorist activity occurs in the region. In the same way, the dummy variable D4 has also affected the KSE 100 Index negatively . It indicates that minor terrorist attacks occurring in small cities do not impact the KSE 100 Index significantly, although the impact in negative. Here, the estimated negative value of ÃŽ ³ (-0.000137) means to support the argument that small terrorist activities have negative impact on KSE. More appropriately, the said terrorist activities grouped in D4 combined with other residual factors also affect the functioning of the KSEI negatively. The impact of such activities on KSE performance may become significant because of the important paradigm shift in policy measures. Policies of the government or other concerned institutions are greatly affected by the magnitude of terrorism in a region. Greater the magnitude of the terrorist activities, greater would be the uncertainty in economic environment, and consequently greater would be the rate of change of policy measures. Since Karachi provides the centre of financial activities to the country and Karachi Stock Exchange is the biggest stock market of the country, so the vulnerability of the city to the terrorism is most likely to create volatility of the liquidity in the economy. Greater the occurrence of terrorist activities in the city, greater would be the likelihood of adverse effect on the financial markets, particularly KSE. Consequently the result would be the higher outflow of capital, lower investments, lesser exports and depletion of foreign reserves. ii. FOREX Rate Using the equation no.(8) the results of the impact of terrorist activities on FOREX market has been estimated by OLS technique. According to the results obtained, the value of the R2 is 0.99 or 99%, which implies that 99% of the variations in dependant variable (ER) are explained by the variations in explanatory variables. The value of R2 is pretty high indicating that the model is a best fit. Durbin Watson statistics is equal to 2 showing that there is no issue of autocorrelation in the regression model. The F- statistics value is also very high and significant showing the overall significance of the model. Standard error of the regression is very low, making t- statistics pretty high. The intercept term, C or ÃŽ ± is -4.078457 which is quite significant indicating that the ignored variables caused depreciation of Pak rupee against U.S. Dollar. As regards the impact of dummy variable D1, it is negative but insignificant. So we are able to interpret that the terrorist activities named as D1 do adversely affect the exchange rate of PKR but the impact is not at all significant. Similarly, the coefficient of D2 is also very small which indicates that the response of the FOREX market to underlying activities is almost negligible. It determines that D2 activities have a negative and insignificant impact on the determination of FOREX rate. The impact of D4 activities on FOREX is interpreted in the same way as that of D1 and D2. European Journal of Social Sciences – Volume 18, Number 1 (2010) From all of the above coefficient values we can infer a negative relationship between the terrorism and the FOREX rate. The negative sign indicates that any such happening is responsible for the depreciation of the domestic currency in terms of the foreign currency (U.S. Dollar in the present case). Though this impact is not significantly visible with reference to Pakistan but there might be several possible explanations for this suppressed relationship. From Pakistan’s standpoint the impact might be insignificant because of high resilience of the financial markets here. From the daily data of the terrorist activities it is evident that these events have been taking place at a very high frequency over the sample period. The magnitude of these activities ranges from mild offensive happenings to very high terror attempts that scare off the whole humanity. In this scenario, it is likely to expect the convergence of financial markets. The impact has to be adverse because such happenings produces uncertainty in the economic environment, increases the risks and liquidity shortage, reduces exports, depreciates currency, lowers the domestic and foreign investments and thus definitely there is a flight of capital from economy. But in case of Pakistan, high frequency of such events might be responsible for the cold blooded attitude of nation as a whole and these events may seem a routine happening to the people involved in currency trading or in any other financial market. It is because of this reason that the variation in depreciation of PKR is very less as compared to the perceived expectations. So we can safely say, terrorism does not signify its impact on foreign exchange market of Pakistan, unless the ev ent is highly adverse or of global attention like that of assassination of the former prime minister of Pakistan, Benazir Bhutto. iii. KIBOR By using OLS technique on equation no.(10) we get the following results on impact of terrorist activities on the money market or interbank market (KIBOR). The results showed us that the value of R2 is 0.98 or 98% which means that it is a best fitted model. 98% of the variations in the dependant variable, KIBOR, are determined by the variations in the explanatory (independent) variable. The estimated value of Durbin Watson Statistics is 1.95 which is used to indicate that the results are not ploughed with the menace of autocorrelation problem. This reflects the accuracy of results, as it can be used in the policy formulation process concerning the KIBOR. Standard Errors are very small which means higher values of t-statistics. Values of F-statistics are again very high i.e. 15109.34 showing the overall significance of the model. The value of intercept, C or ÃŽ ± is 8.474 is high, which is significant at 1% level of significance. It is indicative of the fact that other factors are more likely to be responsible for the increase in the bank rate. The value of the coefficient of D1 i.e ÃŽ ²1 is 0.001382. The terrorist activities grouped in D1 do affect the KIBOR positively but insignificantly. Positive sign indicates that greater the occurrence of the activities, higher will be the interbank rate. The coefficient of D2 is also positive (highly significant at 1 % level of significance). It indicates that factors other than terrorist activities play a key role in bringing about changes in the KIBOR rate. The impact of terrorist activities on KIBOR is widespread as compared to that of stock market (KSE). It is because of the fact that we find a bank branch network throughout the country, while KSE is confined to one city only. So the likelihood of the affect of terrorism increases on banking industry. The increased impact can be seen in the shape of the KIBOR rate. V. Conclusions and Recommendations This study was primarily aimed at estimating the impact of various kinds of terrorist activities on the three financial markets viz Karachi stock market, Foreign exchange market and the money market. The findings of the OLS regression model enable us to conclude; †¢ The economy of Pakistan has been adversely affected by the ongoing terrorist activities. †¢ The terrorists’ activities in Pakistan have adversely and significantly affected the performance of KSE. Further, the KSE has been relatively more affected by the terrorist events compared to  the other markets. This might be due to it’s vary nature as KSEI is relatively more sensitive to events rather than economic fundamentals. The terrorist activities have insignificant but adverse effect on FOREX market. One reason behind the insignificant impact of terrorist activities on FOREX rates might be the inter bank data used in the analysis. As the SBP continue to interfere in the FOREX market, therefore, any volatility arising due to such events might be subdued due to SBP proactive intervention. The impact on KIBOR rate although negative but estimated to be insignificant is a very positive development as KIBOR rate is considered as an indicator of short term loans extended by banks. In case of significant adverse impact of terrorist activities on KIBOR, it may affect investment plans of the country, which might have been negative implication for Pakistan’s economy. Most of the findings of this study are consistence with the theoretical expectations. The result estimates for the KSE 100 Index and KIBOR rate are per expectations. The econometric results for the second regression are although correctly directed but not consistent with the theory to extent as expected. The rising magnitude of terrorism in a country definitely adversely affects the economy in general and financial markets in particular. Last but not the least, targets of the terrorist activities play an important role in determining the impact on financial markets. There might be many shortcomings in the study which mainly accounts to the time constraints. light of the present study some policy recommendations could be made, following are some of †¢ In the light of the study, its empirica l findings and conclusions the government and the state ought to work on the institutional development on account of terrorism. Anti terrorism policy framework of international concern shall be formulated, enhanced and made available to the general public under this institution. Masses be given advanced warnings before occurring of any such event and rehabilitation be an important immediate step after the event has happened. Besides the well being of the general masses, effective contingency planning to mitigate the financial risk faced by the financial firms and the over all economy has to form a major constituent of the anti terrorism policy making institution. Since the adverse impact of terrorism on the financial markets has been econometrically proved in this study, economic policy should form an eminent part of the anti terrorism policy making. Effective measures shall be devised to counter the wave of disruption created in any of the above mentioned financial markets. With the continuous attacks of terror on the economy, as in Pakistan, the major domestic and international investor’s draw their money out of the financial markets. There is a flight of capital out of the economy which is a major set back to the domestic currency. To mitigate the risk of depreciation of the currency, policies regarding increasing the money supply and lowering the interest rates in order to perk up investor’s confidence and to keep the foreign reserves build up shall be enacted. Policy has to be formed to strengthen the financial structure of the economy and increase its resilience to absorb the shocks to the maximum limit. Opportunities to the domestic manufacturers’ shall be accentuated to increase exports and thus demand of domestic currency. This is an important measure to avoid the depreciation of currency and also it will make the trade deficit unlikely to occur. This is an important policy implication for the money market. Investment in research and development and innovative security measures is also need of the day. European Journal of Social Sciences – Volume 18, Number 1 (2010) Lastly, policies should be made and extended on the global level to increase the cooperation and coordination among the major stake holders in the global financial markets. Policies regarding benign relationships among the central banks of international importance shall also be encouraged so as to extend financial help during the crucial financial crunch after any enormous act of terrorism. Based on the results findings, the study mainly recommends that the concerned policy makers must take into account the impact of terrorist activities while formulating policies for the three kinds of financial markets. However, the impact of terrorist activities varies on each market in terms of its intensity, place of occurrence etc. †¢ References [1] [2] [3] [4] [5] [6] [7] Abadie, A. and Gardeazabal, J. (2001). 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